AMBITIOUS £1 billion plans to transform Bolton town centre have been pitched to a global audience of big-money investors.

Town hall development chief Stephen Young was at 10 Downing Street yesterday to showcase the council's masterplan for revamping the town to developers from as far away as Australia and China.

Bolton was one of just three local authorities — alongside Cambridge and Belfast — that earned the chance to share its vision with a room of around 45 potential investors from around the world.

It is hoped that the masterplan, which includes the regeneration of sites including Church Wharf and Crompton Place, will create 1,800 new homes and 7,400 new jobs in the town centre.

Mr Young, the council's director of place, said: "Our presentation went down really, really well. We have a couple of leads already, with people who are planning to visit Bolton to follow up their interest in some of the housing or office developments we have planned.

"These investors are exactly the sort of people that we want to get on board for the masterplan."

Council chief executives from across Greater Manchester nominated Bolton to make its pitch alongside Tim Newns, of Manchester's inward investment agency MIDAS, who presented opportunities across the city-region.

Mr Young added: "The other chief executives in Greater Manchester said that it needed to be Bolton that went to do this pitch. We have a well-polished scheme for the development of the town centre.

"We got a lot of interest because investors know that the council is willing to put money into the project itself, which reduces the risk for them.

"We are really getting out there at the moment and making a lot waves in the development world."

The council has already approved borrowing of £100 million to kickstart the redevelopment project.

Other plans revealed earlier this year include the building of a multi-storey car park on the old Wayne Walker's meat store, building apartments on the closed Moor Lane bus station, and creating a series of 'pocket parks' along the River Croal.

Leader of Bolton Council, Cllr Cliff Morris, said: "We are forging ahead with our Bolton town centre masterplan.

"We have already a lot of interest from developers and this was the perfect opportunity for us to pitch our vision to investors from across the world.

"Bolton was one of only three locations in the country to be selected to attend and we are confident on building on the links we have made."